long term care insurance: Can you afford it?

The first question you need to answer when considering Long Term Care Insurance is can you afford the price? Too often people are buying Long Term Care insurance with features that fit their budget but do not provide a meaningful benefit when a claim occurs.

Our thoughts around Long Term Care Insurance:

There are generally must haves to a Long Term Care Policy

• Cost of Living Adjustment 3% minimum

• Adequate Daily or Monthly Benefits

• Long Term Care paid up over 10 years or sooner is preferable to lifetime payments

• It has to be affordable and make sense in your financial picture

• You should only buy GAP long term care insurance (Define GAP)

Assuming the above you need to know the general costs for Long Term Care Insurance (These are estimates and are not an offer of insurance)
• For a couple monthly $600/month
• For a couple 10 payments $14000/annual
• For a couple single pay $200000 single pay

We usually recommend considering Long Term Care Insurance for 3 scenarios:

• Couples in their late 50’s until your late 60’s
• Those who want to protect inheritance
• Those with a history of disabilities such as dementia in the family

Deeper Dive

• Download our Long Term Care primer here
• Partnership program
• Paying for peace of mind or benefits
• Self Insuring strategies
• Through our insurance agency Carrol and associates we have access to a large variety of traditional, hybrid long term care policies.